Cattaraugus County Bank supports small businesses
LITTLE VALLEY – Since 1902 Cattaraugus County Bank has operated as an independent, community bank in southwestern New York. CCB is helping to build more economically sustainable communities by lending to local small businesses. Local economies thrive by helping to put local deposits back to work in their communities through loans to local residents and small businesses. In fact, small business lending has always been cornerstone to the business at CCB.
“We’ve served a vital role in maintaining the lending flow to fellow small businesses in their neighborhoods. Often when other banks won’t lend, it’s a community bank (like CCB) that steps up and helps Main Street succeed,” said CCB CEO Salvatore Marranca. “CCB and other independent community banks are small businesses too, which puts us at a huge advantage because we can relate with the challenges and needs small businesses face better than anyone else in the marketplace-helping their small business customers through good times and bad”
Independent community banks are the primary source of lending for small businesses and farms. For their size, community banks are prolific small business lenders – providing a substantial number of small business loans across the country, including Small Business Administration loans. In fact, even though they comprise just 20 percent of banking industry assets, community banks with less than $10 billion in assets make nearly 60 percent of loans to small businesses.
“By driving local economies and creating local jobs through lending to small businesses and residents, community banks help build more sustainable communities,” Marranca continues. “Community banks, like CCB, are an integral part of our nation’s financial system. We will continue to serve our communities well into the future – making their communities a better place for all residents.”
There are almost 7,000 community banks, including commercial banks, thrifts, stock and mutual savings institutions, with more than 50,000 locations throughout the United States. Assets may range from less than $10 million to $10 billion or more. Community banks constitute 96.8 percent of all banks.
CCB is an FDIC-insured, New York state-chartered independent, community bank. From Jan. 2, 1902, CCB has established an unprecedented record of fiscal integrity and sound financial growth, which now totals $190 million in assets. CCB maintains convenient ATMs and more information can be found on the web at www.ccblv.com. CCB is an equal housing lender. CCB’s main office is located in Little Valley, with seven branch offices.